Precise withdraws home-owner interest only

The lender has taken this decision due to the extremely low take up of interest only on its home owner range and at less than 3% of new business does not believe it to be commercially viable to keep this option available.

Alan Cleary, managing director of Precise, said: "Whilst interest-only mortgage loans are suitable for some borrowers it is not our target market and the low take up of this option confirms that."